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Computation of Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Computation of Earnings Per Share | Computation of Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive. The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data).
| 2024 |  | 2023 |  | 2022
Numerator: |  |  |  |  |
Net income used for calculating basic and diluted income per share | $ | 1,253,715 |  |  | $ | 882,466 |  |  | $ | 807,799 |
Denominator: |  |  |  |  |
Weighted average common shares used in the calculation of basic income per share | 77,785 |  |  | 79,004 |  |  | 80,178 |
Dilutive effect of outstanding awards associated with stock-based compensation plans | 553 |  |  | 676 |  |  | 889 |
Shares used in the calculation of diluted income per share | 78,338 |  |  | 79,680 |  |  | 81,067 |
Income per share (1): |  |  |  |  |
Basic | $ | 16.12 |  |  | $ | 11.17 |  |  | $ | 10.08 |
Diluted | $ | 16.00 |  |  | $ | 11.08 |  |  | $ | 9.96 |
(1)Both basic and diluted income per share for 2024 included a tax benefit of approximately $2.08 per share related to intercompany sales of certain intellectual property (see Note 12 — Income Taxes). The table below presents the number of outstanding awards associated with stock-based compensation plans that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the outstanding awards were anti-dilutive because their exercise prices were greater than the average market price per share of Common Stock during such year.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Anti-dilutive outstanding awards associated with stock-based compensation plans (in millions) | 0.1 |  |  | 0.1 |  |  | 0.1 |
Average market price per share of Common Stock during the year | $ | 475.66 |  |  | $ | 351.31 |  |  | $ | 289.73 |

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